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What is a Property Transfer Affidavit and why do I need to file it?
By State Law all transfers or sales of Real Property must be reported to the Assessor within 45 days after the sale. This was a result of Proposal A in 1994, allowing owners to have a Taxable Value that could only rise annually by the CPI or 5%, whichever is less. For all properties that have sold, in the next year following that transfer, those properties are reappraised and the Assessed and Taxable Values become the same.